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Your text offers a list of 12 common bootstrapping strategies. Reflect on these
Your text offers a list of 12 common bootstrapping strategies. Reflect on these items and consider whether there are any items missing? What else can you do as an entrepreneur to bootstrap your business? What strategies do you find particularly appealing and why? Finally, rank the list below from what you think is most to least effective.
Work from home to save on renting an office, or if you need an office, use co-working spaces instead.
Never buy new what you can borrow, lease, or get for free; for example, borrow or lease office equipment such as computers, printers, and so on.
Take as little salary for yourself for as long as possible.
Use your network of friends and family to get what you need at a reduced rate or for free.
Educate yourself on basic legal and accountancy matters before paying high fees to a lawyer or accountant.
Reimburse advisors and consultants with equity and goodwill where possible.
Be frugal with your travel—drive rather than fly and choose cheap accommodation.
Hire help if you need it, but keep in mind some employees may agree to work temporarily for an equity share in the business rather than a cash payment.
Attend every possible networking event to make connections and get introductions to people that may be able to contribute to or enhance your business.
Offer discounts to early customers to ensure a consistent cash flow. Not only will this help to cover overheads, but it will also help you build a loyal customer base.
Negotiate payment terms with suppliers (if you have them) and explain how they will benefit when your business takes off.
Outsource some tasks if you are struggling to keep up with the workload. For example, 99designs and Fiverr are good examples of websites that can provide you with the services you need, allowing you more time to focus on the parts of the business that generate the most income.
Don’t give up your day job until the business is productive and making proper money.
Source: Based on information from Sharp, G. (2014). The ultimate guide to bootstrapping: How you can build a profitable company from day one [Kindle ed.]. Real. Cool. Media; Victor, A. (2018). Bootstrapping strategies for building successful business. Medium. https://medium.com/@agvictorsblog/bootstrapping-strategies-for-building-successful-business-8fc0b1f65513
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